Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,789/mo
+$595/mo- Down payment
- $13,116
- Funds due
- $25,434
- Interest + MI left
- $636,148
- First ends
- Dec 2053
New loan
New conventional
$3,193/mo
Lowest payment- Down payment
- $43,600
- Funds due
- $53,563
- Interest + MI left
- $573,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,884 | $392,400 |
| Second mortgage | — | — |
| First P&I | $3,132.67 | $2,658.25 |
| Second P&I | — | — |
| Mortgage insurance | $199.45 | $78.48 |
| Taxes, insurance & HOA | $456.42 | $456.42 |
| Total housing payment | $3,788.55 | $3,193.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,116
Closing costs & prepaids$12,318
Usable credit−$0
Total buyer cash needed$25,434
Earnest money paid−$0
Remaining funds due$25,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,360.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$523.25
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$813.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yrOf the original 30-year loan at 7.8%
Interest already paid$100,488Through Dec 2026
Assumption only · ends Dec 2053$636,148
New conventional · ends Jan 2057$573,754